US-based healthtech platform Biofourmis has raised $35 million in a Series B funding round led by Sequoia India and co-led by Mass Mutual Ventures. The round also saw participation from Singapore-based technology investor EDBI and Chinese online healthcare platform Jianke. Existing investors Openspace Venutres, SG Innovate and Aviva Ventures also participated in the round.
A press statement from Sequoia India said the funds raised will help Biofourmis grow its clinically validated solution that combines artificial intelligence (AI), drug therapies, wearable sensors and a smartphone app to deliver better patient outcomes.
In a press statement, Founder and CEO of Biofourmis, Kuldeep Singh Rajput, said, “Our core focus has always been to optimise therapies to augment patient care and health outcomes. The past year was filled with exciting achievements as our team made great strides in advancing our products, in addition to strengthening our regulatory platform and signing contracts with numerous global pharmaceutical firms. The new funds will allow us to rapidly expand our workforce and commercialisation efforts, while further demonstrating the clinical efficacy of our digital therapeutics platform through research and development.”
The funding will also help Biofourmis advance its proprietary AI-powered digital therapeutics platform and pipeline that treats and manages a range of complex chronic conditions.
The company plans to expand its commercialisation efforts in the US and to Asia, and grow its teams focused on data science, clinical and regulatory compliances, sales and operations. By the end of 2019, the company aims to grow to more than 100 employees in the US and Singapore.
Biofourmis has built a proprietary digital therapeutics platform BiovitalsTM, which is based on clinical evidence that drug-software combinations can enhance clinical effectiveness. This platform is used in tandem with the company's lead product, BiovitalsHFTM.
BiovitalsHFTM is a prescription software that uses wearable biosensors and pharmacotherapy to manage and support patients diagnosed with heart failure. Once activated, a treatment algorithm dynamically prescribes optimal guideline-directed therapies while adhering to the care plan through an interactive smartphone app.
Anjana Sasidharan, Principal, Sequoia Capital India Advisors said in a press statement:
“They (Biofourmis) have already aligned with credible, high-quality institutional partners to successfully transition digital therapeutics from concept to reality—and we are impressed with the team’s vision and ability to use technology to scale their products globally.”
The company has already partnered with various global pharmaceuticals and leading healthcare systems like Mayo Clinic, Massachusetts General Hospital and Brigham and Women’s Hospital. In March 2019, the company joined the American Heart Association's Center for Health Technology & Innovation's (Center) Innovators Network to deliver personalised software-based intervention.
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